欧洲央行-瞄准，聚焦，射击。选择适当有效的宏观工具（英）-2024-72页

WorkingPaperSeriesAim,focus,shoot.ThechoiceofappropriateandeffectivemacroprudentialinstrumentsMicheleAzzone,MaraPirovanoDisclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.No2979AbstractWeexaminetheissueoftheappropriateselectionofmacroprudentialinstrumentsaccord-ingtothevulnerabilitiesidentifiedandthepolicymakers’objectivesusingaversionofthe3DDSGEmodelfollowingMendicinoetal.(2020)andHinterschweigeretal.(2021)cali-bratedfortheeuroarea.Weconsiderabroadsetofmacroprudentialinstruments,includingbroadandsectoralcountercyclicalcapitalrequirements,LTVandLTIlimitsandassesstheirtransmissionchannelsaswellastheireffectivenessinmitigatingrisingbroadandsectoralvulnerabilities.Wefindthatsectoralinstrumentsaremosteffectivetoincreasebankre-siliencetosectoralrisks,limitingspillovereffects.LTIlimitsaresuperiortoLTVlimitsincontainingthegrowthofmortgagecreditandhouseholdindebtedness.Finally,wefindthatmacroprudentialpolicyisbettersuitedthanmonetarypolicytoaddressemergingrealestate-relatedimbalances.Keywords:Financialstability,Bankingregulation,Macroprudentialpolicy,Countercyclicalcapitalbuffer,DSGE.JELClassification:E44,E58,G21,G28ECBWorkingPaperSeriesNo29791Non-technicalsummaryTheGreatFinancialCrisisemphasisedtheim...